Australian dollar sags on trade balance data

Australian dollar sags on trade balance data

On Thursday, the Australian dollar sagged moderately in Asia following dismal trade figures as an apparent deal to lift the American debt ceiling until December 15 came in focus, although traders noted that Trump's willingness to cooperate with Democrats on the extension has turned to be a source of irritation for hard-line Republican leaders.

The currency pair USD/JPY went down 0.12% being worth 109.10. At the same time AUD/USD hit 0.7996, slumping 0.07%.

Australia posted its trade balance surplus for July declined abruptly to A$460 billion, versus a surplus of A$875 million observed.

Estimating the US currency’s strength versus a trade-weighted basket of six main currencies, the US dollar index went down 0.03% trading at 92.18.

Overnight, the evergreen buck revived from session minimums against a basket of key currencies because geopolitical tensions in the Korean peninsula relived, while data disclosing American services sector surge rebounded in August lifted market sentiment.

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